CPAs as Agents for Small Business Administration Paycheck Protection Program (PPP) Loans

CAMICO has received numerous inquiries from policyholders regarding assisting clients with Paycheck Protection Program ("PPP") loans.

Guidance promulgated by the Small Business Administration ("SBA") earlier this week created some confusion regarding the accountant’s role and whether accountants are considered "agents" or "authorized representatives" when performing these services.

CAMICO Guidance Related to Stay-at-Home Orders

As of the timing of this communication (March 23, 2020), CAMICO is aware of four states (CA, IL, NJ and NY) that have issued formal state-wide orders for all residents to stay at home, with several other states (CT, DE, KY, OH, LA, MA, MI, NV, PA and WI) announcing similar orders to be executed in the next day or so. More states are expected to announce comparable orders in the very near future. The common thread in all of these orders is the intent to restrict non-essential movements in an effort to control the spread of the coronavirus that threatens to overwhelm the medical system.

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